Foodtech

Biryani By Kilo Raises $9 Million in Series C Round Led by Alpha Wave Ventures

• ByStartupStory     |    December 4, 2023

Biryani By Kilo (BBK), a prominent player in the cloud kitchen segment, has successfully secured $9 million in its Series C funding round, marking its return to fundraising after a hiatus of over two years. The financing was spearheaded by Alpha Wave Ventures, showcasing strong investor confidence in BBK’s growth trajectory.

The regulatory filing from the Registrar of Companies reveals that the board at Biryani By Kilo passed a special resolution to issue 18,086 Series C CCSP at an issue price of Rs 39,800 per share, raising Rs 72 crore ($9 million). Alpha Wave Ventures led the funding round with a contribution of Rs 28 crore, joined by Ivycap Ventures, Incred Wealth, and Clear Bridge Ventures, injecting Rs 16.5 crore, Rs 8.2 crore, and Rs 8.3 crore, respectively. Vevek Ventures, DSP HMK Holdings, and other individuals collectively participated with Rs 11 crore.

After this funding infusion, Alpha Wave will hold a 33.5% stake, while Ivycap Ventures, Incred, and Clear Bridge will have ownership percentages of 19.42%, 1.04%, and 1.05%, respectively. It’s important to note that this tranche is part of a more extensive funding round, and the final shareholding pattern may undergo changes.

Biryani By Kilo has amassed around $55 million in total funding, including a significant $35 million Series B round led by Falcon Edge in November 2021. Estimated to be valued at approximately Rs 840 crore or $105 million post-allotment, BBK is yet to disclose its financial statements for FY23.

As per TheKredible estimates, the company reported a revenue of Rs 300 crore in FY23 and anticipates achieving break-even in the first quarter of FY24. In the preceding fiscal year, BBK witnessed a two-fold increase in revenue from operations, reaching Rs 133 crore, accompanied by a net loss of Rs 42 crore.

BBK faces competition from various players in the market, including Rebel Foods’ Behrouz Biryani and Biryani Blues.

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